Philip Gradwell, chief economist at Chainalysis, discussed this week’s onchain data.
- (31:20) The market is quiet. Bitcoin inflows to exchanges are now at their lowest level in six months.
- (31:37) Bitcoin exchange balances appear to continue to be increasing. A large outflow is from Coinbase, but much of that BTC is likely in a hot wallet.
- (32:38) Leverage on derivatives is likely increasing, as open interest increases but underlying assets decrease.
- (33:29) Tether exchange balances continue to increase. Ethereum exchange balances have increased as the price has risen.